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Saia Reports Fourth Quarter Results

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Saia (NASDAQ: SAIA) reported Q4 2025 revenue of $790.0 million (+0.1%) and full-year revenue of $3.2 billion (+0.8%). Q4 diluted EPS was $1.77 vs. $2.84 prior year; full-year diluted EPS was $9.52 vs. $13.51. Operating income fell to $64.0 million in Q4 and $352.2 million for 2025; adjusted operating income was $337.7 million. Net capital expenditures were $544.1 million in 2025; 2026 capex guide is $350–$400 million. Cash was $19.7 million and total debt $164.0 million at year-end.

Management cited elevated self-insurance costs (~$4.7 million) and record quarterly claims ratio of 0.47%. A conference call was scheduled for Feb 10, 2026 at 10:00 a.m. ET.

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Positive

  • Revenue steady at $3.2B for full year (+0.8%)
  • Record claims ratio of 0.47% in the quarter
  • Total debt reduced to $164.0M from $200.3M (Dec 31, 2024)

Negative

  • Q4 diluted EPS declined ~37% to $1.77 (from $2.84)
  • Operating income down 36.9% in Q4 to $64.0M
  • Adjusted operating income down 30.0% year-over-year to $337.7M
  • Operating ratio worsened to 91.9% in Q4 and adjusted 89.6% for 2025

News Market Reaction

-6.83%
4 alerts
-6.83% News Effect
-3.8% Trough Tracked
-$800M Valuation Impact
$10.91B Market Cap
0.0x Rel. Volume

On the day this news was published, SAIA declined 6.83%, reflecting a notable negative market reaction. Argus tracked a trough of -3.8% from its starting point during tracking. Our momentum scanner triggered 4 alerts that day, indicating moderate trading interest and price volatility. This price movement removed approximately $800M from the company's valuation, bringing the market cap to $10.91B at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Q4 2025 diluted EPS: $1.77 Full-year 2025 diluted EPS: $9.52 Q4 2025 revenue: $790.0M +5 more
8 metrics
Q4 2025 diluted EPS $1.77 Fourth quarter 2025 vs $2.84 in Q4 2024
Full-year 2025 diluted EPS $9.52 2025 vs $13.51 in 2024
Q4 2025 revenue $790.0M Fourth quarter 2025, 0.1% increase vs Q4 2024
Full-year 2025 revenue $3.2B 2025, 0.8% increase vs 2024
Q4 2025 operating income $64.0M Fourth quarter 2025, 36.9% decrease vs Q4 2024
Full-year 2025 operating income $352.2M 2025, 27.0% decrease vs 2024
Q4 2025 operating ratio 91.9% Compared to 87.1% in Q4 2024
2025 net capital expenditures $544.1M 2025 vs $1,040.9M in 2024

Market Reality Check

Price: $381.64 Vol: Volume 822,466 shares is ...
normal vol
$381.64 Last Close
Volume Volume 822,466 shares is 1.46x the 20-day average of 561,516, indicating elevated interest ahead of results. normal
Technical Shares at $409.60 are trading above the 200-day MA of $301.86 and about 19.8% below the 52-week high of $511.00.

Peers on Argus

SAIA was down 1.41% pre-news. Trucking peers showed mixed moves: KNX -1.72%, TFI...

SAIA was down 1.41% pre-news. Trucking peers showed mixed moves: KNX -1.72%, TFII -0.54%, RXO -6.20%, while SNDR +0.34% and XPO +0.45%. This pattern points to a stock-specific reaction rather than a broad trucking-sector move.

Previous Earnings Reports

5 past events · Latest: Oct 30 (Negative)
Same Type Pattern 5 events
Date Event Sentiment Move Catalyst
Oct 30 Q3 2025 earnings Negative +2.2% Revenue slightly down, EPS and operating income declined; stock rose about 2%.
Jul 25 Q2 2025 earnings Negative +7.0% Lower EPS and operating income with slight revenue decline; shares gained strongly.
Apr 25 Q1 2025 earnings Negative -30.7% EPS and operating income dropped sharply despite revenue growth; stock sold off heavily.
Feb 03 Q4 2024 earnings Negative -2.0% EPS and operating income declined despite higher revenue; shares fell modestly.
Oct 25 Q3 2024 earnings Negative +11.4% EPS and operating income slipped with higher operating ratio; stock moved sharply higher.
Pattern Detected

Recent earnings reports often showed pressured EPS and margins; price reactions have been mixed, with three negative reactions and two strong positive moves, indicating no consistent trading pattern on earnings days.

Recent Company History

Over the last five earnings cycles from Q3 2024 through Q3 2025, Saia has generally reported modest revenue growth but declining diluted EPS and operating income, with operating ratios drifting higher. Capital expenditures have been elevated, supporting network expansion to a national footprint. Price reactions have varied, with sharp moves both up and down. Today’s fourth quarter and full-year 2025 release continues the theme of flat revenue and weaker profitability versus prior year.

Historical Comparison

earnings
-2.4 %
Average Historical Move
Historical Analysis

In the past five earnings releases, SAIA’s average move was about -2.42%, with both sharp rallies and steep selloffs, underscoring volatile reactions to repeated margin and EPS pressure.

Typical Pattern

Across Q3 2024 through Q3 2025, Saia showed modest revenue growth but consistent EPS and operating income declines and higher operating ratios, while maintaining heavy capital spending to expand its LTL network and national footprint.

Market Pulse Summary

The stock moved -6.8% in the session following this news. A negative reaction despite largely in-lin...
Analysis

The stock moved -6.8% in the session following this news. A negative reaction despite largely in-line operational trends fits a backdrop of declining EPS—from $13.51 in 2024 to $9.52 in 2025—and higher operating ratios such as 91.9% in Q4 2025. Past earnings have sometimes triggered outsized downside moves, so renewed focus on profitability and accident-related self-insurance costs could weigh on sentiment. Investors may also scrutinize whether reduced $544.1M capex still supports growth.

Key Terms

less-than-truckload, ltl, diluted earnings per share, operating ratio, +2 more
6 terms
less-than-truckload technical
"a leading transportation provider offering national less-than-truckload (LTL), non-asset"
Less-than-truckload (LTL) is a freight shipping method where multiple customers share space on the same truck because each shipment is too small to fill a full truck. Like taking a shared taxi instead of hiring a car for just yourself, LTL can lower shipping costs and improve flexibility but adds handling steps and transit stops, so it matters to investors because it affects companies’ delivery speed, logistics costs, inventory timing and overall profit margins.
ltl technical
"offering national less-than-truckload (LTL), non-asset truckload, expedited and logistics"
Less-than-truckload (LTL) is a freight shipping method for loads too small to fill an entire truck, where multiple customers’ shipments share the same vehicle and pay only for the space they use. Investors care because LTL volumes, pricing and network efficiency directly affect carriers’ revenue, fuel and labor costs, and profit margins—similar to how filling more seats on a bus spreads costs and boosts profitability.
diluted earnings per share financial
"today reported fourth quarter 2025 financial results. Diluted earnings per share for the"
Diluted earnings per share is a measure of a company's profit allocated to each share of stock, taking into account all possible shares that could be created through stock options, convertible bonds, or other securities. It shows the lowest possible earnings per share if all these potential shares were issued, helping investors understand the worst-case scenario for their ownership. This figure matters because it provides a more conservative view of a company's profitability per share.
operating ratio financial
"Operating income was $64.0 million, a 36.9% decreaseOperating ratio of 91.9% compared"
A company's operating ratio is a simple percentage that shows how much of its revenue is eaten up by the costs of running the business — calculated by dividing operating expenses by operating revenue. For investors it signals efficiency and profit potential: a lower operating ratio means the company keeps more of each dollar it earns (like a household with lower bills keeping more of its paycheck), while a higher ratio suggests tighter margins and less room to absorb shocks.
self-insurance financial
"driving approximately $4.7 million in elevated self-insurance related costs."
Self-insurance is when a company chooses to cover its own potential losses instead of buying coverage from an outside insurer, effectively setting aside cash or reserves to pay claims as they arise. For investors, this matters because it changes a firm’s cash flow and risk profile—potentially saving money over time but also increasing the chance of large, unexpected expenses that can hurt earnings and share value, much like choosing to keep a personal emergency fund instead of buying a warranty.
capital expenditures financial
"Net capital expenditures were $544.1 million during 2025, compared to $1,040.9 million"
Capital expenditures are the money a company spends to buy or improve big assets like buildings, equipment, or machines that will last a long time. These investments matter because they help the company grow and operate more efficiently, similar to how upgrading a home’s appliances or adding a new room can make it better and more valuable.

AI-generated analysis. Not financial advice.

JOHNS CREEK, Ga., Feb. 10, 2026 (GLOBE NEWSWIRE) -- Saia, Inc. (Nasdaq: SAIA), a leading transportation provider offering national less-than-truckload (LTL), non-asset truckload, expedited and logistics services, today reported fourth quarter 2025 financial results. Diluted earnings per share for the quarter were $1.77 compared to $2.84 in the fourth quarter of 2024. Full year diluted earnings per share were $9.52 in 2025 compared to $13.51 in 2024. Excluding a net gain on real estate recorded in the third quarter of 2025, adjusted diluted earnings per share1 in 2025 were $9.11.

Highlights from the fourth quarter and full year operating results were as follows:

Fourth Quarter 2025 Compared to Fourth Quarter 2024 Results

  • Revenue was $790.0 million, a 0.1% increase
  • Operating income was $64.0 million, a 36.9% decrease
  • Operating ratio of 91.9% compared to 87.1%
  • LTL shipments per workday decreased 0.5%
  • LTL tonnage per workday decreased 1.5%
  • LTL revenue per hundredweight, excluding fuel surcharge revenue, increased 0.5%
  • LTL revenue per shipment, excluding fuel surcharge revenue, decreased 0.5%

Full Year 2025 Compared to Full Year 2024 Results

  • Revenue was $3.2 billion, a 0.8% increase
  • Operating income was $352.2 million, a 27.0% decrease
  • Excluding a net gain on real estate, adjusted operating income1 was $337.7 million, a 30.0% decrease
  • Operating ratio of 89.1% and adjusted operating ratio1 of 89.6% compared to 85.0%
  • LTL shipments per workday decreased 0.3%
  • LTL tonnage per workday increased 2.5%
  • LTL revenue per hundredweight, excluding fuel surcharge revenue, decreased 1.5%
  • LTL revenue per shipment, excluding fuel surcharge revenue, increased 1.2%

Saia President and CEO, Fritz Holzgrefe, commented on the quarter stating, “Results from our core business operations were in line with our expectations for the quarter. However, the quarter was impacted by unexpected adverse developments late in the quarter related to accidents that occurred in prior years, driving approximately $4.7 million in elevated self-insurance related costs. Excluding these costs, the performance in the quarter reflected our team’s strong commitment to customer service and disciplined execution despite a dynamic operating environment.  Our team’s commitment to the customer was evidenced by our claims ratio of 0.47%, which was a record for any quarter in our company’s history.”

Executive Vice President and CFO, Matt Batteh, noted that, “We continue to see growth in our ramping markets, with both new and existing customers, driven by our ability to provide more solutions to meet customer expectations. Our record level of capital investments over the past three years have transformed our network and given us the ability to solve problems for more customers. Having now completed our first full year with a national footprint, we are even more excited about the opportunity ahead of us.”

Financial Position and Capital Expenditures

We ended the fourth quarter of 2025 with $19.7 million of cash on hand and total debt of $164.0 million, which compares to $19.5 million of cash on hand and total debt of $200.3 million at December 31, 2024.

Net capital expenditures were $544.1 million during 2025, compared to $1,040.9 million in net capital expenditures in 2024. In 2026, we anticipate that net capital expenditures will be approximately $350 million to $400 million, subject to ongoing evaluation of market conditions.

Conference Call

Management will hold a conference call to discuss quarterly results today at 10:00 a.m. Eastern Time. To participate in the call, please dial 1-833-890-5317 and request to join the Saia, Inc. call. Callers should dial in five to ten minutes in advance of the conference call. This call will be webcast live via the Company website at www.saia.com/about-us/investor-relations/financial-releases. A replay of the call will be offered two hours after the completion of the call through March 10, 2026 at 11:59 P.M. Eastern Time. The replay will be available by dialing 1-855-669-9658 referencing conference ID #3759658.

Saia, Inc. (NASDAQ: SAIA) offers customers a wide range of less-than-truckload, non-asset truckload, expedited and logistics services. With headquarters in Georgia, Saia LTL Freight operates 213 terminals with national service. For more information on Saia, Inc. visit the Investor Relations section at www.saia.com/about-us/investor-relations.

Cautionary Note Regarding Forward-Looking Statements

The Securities and Exchange Commission encourages companies to disclose forward-looking information so that investors can better understand the future prospects of a company and make informed investment decisions. This news release may contain these types of statements, which are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.

Words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “may,” “plan,” “predict,” “believe,” “should,” “potential” and similar words or expressions are intended to identify forward-looking statements. Investors should not place undue reliance on forward-looking statements and the Company undertakes no obligation to publicly update or revise any forward-looking statements, except as required by law. All forward-looking statements reflect the present expectation of future events of our management as of the date of this news release and are subject to a number of important factors, risks, uncertainties and assumptions that could cause actual results to differ materially from those described in any forward-looking statements. These factors, risks, uncertainties and assumptions include, but are not limited to, (1) general economic conditions including downturns or inflationary periods in the business cycle; (2) operation within a highly competitive industry and the adverse impact from downward pricing pressures, including in connection with fuel surcharges, and other factors; (3) industry-wide external factors largely out of our control; (4) cost and availability of qualified drivers, dock workers, mechanics and other employees, purchased transportation and fuel; (5) inflationary increases in expenses and corresponding reductions of profitability; (6) cost and availability of diesel fuel and fuel surcharges; (7) cost and availability of insurance coverage and claims expenses and other expense volatility, including for personal injury, cargo loss and damage, workers’ compensation, employment and group health plan claims; (8) failure to successfully execute the strategy to expand our service geography; (9) unexpected liabilities resulting from the acquisition of real estate assets; (10) costs and liabilities from the disruption in or failure of our technology or equipment essential to our operations, including as a result of cyber incidents, security breaches, malware or ransomware attacks; (11) risks arising from remote work, including increased risk of related cybersecurity incidents; (12) failure to keep pace with technological developments; (13) liabilities and costs arising from the use of artificial intelligence; (14) labor relations, including the adverse impact should a portion of our workforce become unionized; (15) cost, availability and resale value of real property and revenue equipment; (16) supply chain disruption and delays on new equipment delivery; (17) changes in U.S. trade policy and the impact of tariffs; (18) capacity and highway infrastructure constraints; (19) risks arising from international business operations and relationships; (20) seasonal factors, harsh weather and disasters caused by climate change; (21) the creditworthiness of our customers and their ability to pay for services; (22) our need for capital and uncertainty of the credit markets; (23) the possibility of defaults under our debt agreements, including violation of financial covenants; (24) inaccuracies and changes to estimates and assumptions used in preparing our financial statements; (25) dependence on key employees; (26) employee turnover from changes to compensation and benefits or market factors; (27) increased costs of healthcare benefits; (28) damage to our reputation from adverse publicity, including from the use of or impact from social media; (29) failure to achieve acquisition synergies or disruption to our business due to such acquisitions; (30) the effect of litigation and class action lawsuits arising from the operation of our business, including the possibility of claims or judgments in excess of our insurance coverages or that result in increases in the cost of insurance coverage or that preclude us from obtaining adequate insurance coverage in the future; (31) the potential of higher corporate taxes and new regulations, including with respect to climate change, employment and labor law, healthcare and securities regulation; (32) unforeseen costs from new and existing data privacy laws; (33) the effect of governmental regulations, including hours of service and licensing compliance for drivers, engine emissions, the Compliance, Safety, Accountability (CSA) initiative, regulations of the Food and Drug Administration and Homeland Security, and healthcare and environmental regulations; (34) changes in accounting and financial standards or practices; (35) widespread outbreak of an illness or any other communicable disease; (36) international conflicts and geopolitical instability; (37) evolving stakeholder expectations regarding environmental and social issues; (38) provisions in our governing documents and Delaware law that may have anti-takeover effects; (39) issuances of equity that would dilute stock ownership; (40) weakness, disruption or loss of confidence in financial or credit markets; and (41) other financial, operational and legal risks and uncertainties detailed from time to time in the Company’s SEC filings.

As a result of these and other factors, no assurance can be given as to our future results and achievements. Accordingly, a forward-looking statement is neither a prediction nor a guarantee of future events or circumstances and those future events or circumstances may not occur. You should not place undue reliance on the forward-looking statements, which speak only as of the date of this news release. We are under no obligation, and we expressly disclaim any obligation, to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise, except as otherwise required by law.

Non-GAAP Financial Disclosure and Reconciliation:

From time to time we supplement the reporting of our financial information determined under generally accepted accounting principles (“GAAP”) with certain non-GAAP financial measures.  These include “adjusted” total operating expenses, “adjusted” operating income, “adjusted” diluted earnings per share, and "adjusted" operating ratio. The Company’s management believes that certain non-GAAP financial measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods. The Company’s management believes that investors may use these non-GAAP financial measures to evaluate the Company’s financial performance without the impact of items that may obscure trends in the Company’s underlying performance. These disclosures should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.

A gain from the sale of a terminal of $16.4 million and a loss on real estate impairment of $1.9 million was recorded during the third quarter of 2025. This resulted in a decrease in operating expenses and an increase in operating income of $14.5 million, an increase in diluted earnings per share of $0.41 and an improvement of 50 basis points in the operating ratio for the year. The terminal sale occurred as the result of management’s efforts towards expanding door count by replacing a smaller facility with a larger facility better positioned to successfully support the Company’s overall strategy. The impairment loss came as a result of management's continued assessment of the recoverability of property and equipment.

CONTACT:Saia, Inc.
 Matthew Batteh
 Executive Vice President and Chief Financial Officer
 Investors@saia.com



Saia, Inc. and Subsidiaries
Reconciliation of Certain GAAP and Non-GAAP Statement of Operations Items, Ratios and Operating Data
For the Years Ended December 31, 2025 and 2024
(Amounts in thousands, except per share data, operating ratio and cost per shipment)
(Unaudited)
  Years 
  2025  2024 
Total operating expenses (GAAP) $2,882,086  $2,726,914 
Add: Net total operating expense impact of Gain on Real Estate Disposal and Impairment of Real Estate  14,503   - 
Adjusted total operating expenses (Non-GAAP) $2,896,589  $2,726,914 
       
Operating Income (GAAP) $352,200  $482,160 
Less: Net Operating Income impact of Gain on Real Estate Disposal and Impairment of Real Estate  (14,503)  - 
Adjusted operating income (Non-GAAP) $337,697  $482,160 
       
Diluted earnings per share (GAAP) $9.52  $13.51 
Less: Net Diluted earnings per share impact of Gain on Real Estate Disposal and Impairment of Real Estate  (0.41)  - 
Adjusted diluted earnings per share (Non-GAAP) $9.11  $13.51 
       
Operating Ratio (1)  89.1%  85.0%
Add: Net Operating Ratio impact of Gain on Real Estate Disposal and Impairment of Real Estate  0.5%  - 
Adjusted operating ratio  89.6%  85.0%
       
Cost per shipment (2) $322.78  $303.40 
Add: Net cost per shipment impact of Gain on Real Estate Disposal and Impairment of Real Estate  1.62   - 
Adjusted cost per shipment $324.40  $303.40 
         
(1) Operating Ratio is total operating expenses divided by operating revenue, using the underlying unrounded amounts.

(2) Cost per shipment is total operating expenses divided by shipments.
        



Saia, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Amounts in thousands)
(Unaudited)
     
  December 31, 2025 December 31, 2024
Assets    
     
Current Assets:    
Cash and cash equivalents $19,720  $19,473 
Accounts receivable, net  332,206   322,991 
Prepaid expenses and other  82,630   93,305 
Total current assets  434,556   435,769 
     
Property and Equipment:    
Cost  4,259,438   3,790,069 
Less: accumulated depreciation  1,415,087   1,233,134 
Net property and equipment  2,844,351   2,556,935 
Operating Lease Right-of-Use Assets  150,301   126,828 
Other Assets  53,473   47,325 
Total assets $3,482,681  $3,166,857 
     
Liabilities and Stockholders' Equity    
     
Current Liabilities:    
Accounts payable $107,424  $114,560 
Wages, vacation and employees' benefits  50,723   49,953 
Other current liabilities  78,362   81,162 
Current portion of long-term debt  980   5,313 
Current portion of operating lease liability  27,895   27,372 
Total current liabilities  265,384   278,360 
     
Other Liabilities:    
Long-term debt, less current portion  163,000   194,981 
Operating lease liability, less current portion  113,119   96,798 
Deferred income taxes  284,370   219,062 
Claims, insurance and other  79,109   66,385 
Total other liabilities  639,598   577,226 
     
Stockholders' Equity:    
Common stock  27   27 
Additional paid-in capital  307,605   295,106 
Deferred compensation trust  (9,088)  (7,981)
Retained earnings  2,279,155   2,024,119 
Total stockholders' equity  2,577,699   2,311,271 
Total liabilities and stockholders' equity $3,482,681  $3,166,857 



Saia, Inc. and Subsidiaries
Consolidated Statements of Operations
For the Quarters and Years Ended December 31, 2025 and 2024
(Amounts in thousands, except per share data)
(Unaudited)
     
  Fourth Quarter Years
   2025   2024   2025   2024 
Operating Revenue $789,952  $788,952  $3,234,286  $3,209,074 
         
Operating Expenses:        
Salaries, wages and employees' benefits  398,504   375,760   1,579,793   1,487,847 
Purchased transportation  57,718   58,168   234,595   237,306 
Fuel, operating expenses and supplies  160,676   153,467   654,708   629,402 
Operating taxes and licenses  20,769   20,727   84,087   80,128 
Claims and insurance  24,803   22,084   92,788   77,649 
Depreciation and amortization  62,947   54,064   248,573   210,105 
Other operating losses (gains), net  512   3,198   (12,458)  4,477 
Total operating expenses  725,929   687,468   2,882,086   2,726,914 
         
Operating Income  64,023   101,484   352,200   482,160 
         
Nonoperating (Income) Expenses:        
Interest expense  2,934   2,979   16,444   8,930 
Interest income  (34)  (139)  (151)  (1,049)
Other, net  (312)  (155)  (1,482)  (1,729)
Nonoperating expenses, net  2,588   2,685   14,811   6,152 
         
Income Before Income Taxes  61,435   98,799   337,389   476,008 
Income Tax Provision  13,916   22,696   82,353   113,943 
Net Income $47,519  $76,103  $255,036  $362,065 
         
Weighted average common shares outstanding - basic  26,748   26,699   26,738   26,689 
Weighted average common shares outstanding - diluted  26,795   26,811   26,786   26,802 
         
Basic earnings per share $1.78  $2.85  $9.54  $13.57 
Diluted earnings per share $1.77  $2.84  $9.52  $13.51 



Saia, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
For the twelve months ended December 31, 2025 and 2024
(Amounts in thousands)
(Unaudited)
  Years
   2025   2024 
Operating Activities:    
Net cash provided by operating activities $594,973  $583,702 
Net cash provided by operating activities  594,973   583,702 
Investing Activities:    
Acquisition of property and equipment  (567,639)  (1,043,557)
Proceeds from disposal of property and equipment  23,511   2,694 
Other  (8,394)  4,999 
Net cash used in investing activities  (552,522)  (1,035,864)
Financing Activities:    
Borrowing (repayment) of revolving credit facility, net  (31,000)  94,000 
Borrowing of private shelf agreement     100,000 
Proceeds from stock option exercises  2,776   2,574 
Shares withheld for taxes  (8,666)  (9,107)
Other financing activity  (5,314)  (12,047)
Net cash provided by (used in) financing activities  (42,204)  175,420 
Net (Decrease) Increase in Cash and Cash Equivalents  247   (276,742)
Cash and Cash Equivalents, beginning of period  19,473   296,215 
Cash and Cash Equivalents, end of period $19,720  $19,473 



Saia, Inc. and Subsidiaries
Financial Information
For the Quarters Ended December 31, 2025 and 2024
(Unaudited)
             
        Fourth Quarter  
  Fourth Quarter % Amount/Workday %
   2025   2024  Change 2025 2024 Change
Workdays      62 62  
Operating ratio 91.9%  87.1%        
LTL tonnage (1) 1,459   1,481  (1.5) 23.53 23.89 (1.5)
LTL shipments (1) 2,164   2,174  (0.5) 34.90 35.06 (0.5)
LTL revenue/cwt.$26.13  $25.73  1.6       
LTL revenue/cwt., excluding fuel surcharge$22.07  $21.96  0.5       
LTL revenue/shipment$352.27  $350.51  0.5       
LTL revenue/shipment, excluding fuel surcharge$297.57  $299.17  (0.5)      
LTL pounds/shipment 1,348   1,362  (1.0)      
LTL length of haul (2) 897   898  (0.1)      
             
(1)In thousands.           
             
(2)In miles.           
             
Note:LTL operating statistics exclude transportation and logistics services where pricing is generally not determined by weight. The LTL operating statistics also exclude the adjustment required for financial statement purposes in accordance with the Company's revenue recognition policy.



Saia, Inc. and Subsidiaries
Financial Information
For the Years Ended December 31, 2025 and 2024
(Unaudited)
              
        Year Over Year   
  Year Over Year % Amount/Workday % 
  2025 2024 Change 2025 2024 Change 
Workdays       253  254   
Operating ratio 89.1% 85.0%        
LTL tonnage (1) 6,161  6,037  2.1  24.35  23.77  2.5 
LTL shipments (1) 8,929  8,988  (0.7) 35.29  35.39  (0.3)
LTL revenue/cwt.$25.50 $25.89  (1.5)      
LTL revenue/cwt., excluding fuel surcharges$21.58 $21.90  (1.5)      
LTL revenue/shipment$351.99 $347.81  1.2       
LTL revenue/shipment, excluding fuel surcharges$297.79 $294.23  1.2       
LTL pounds/shipment 1,380  1,343  2.8       
LTL length of haul (2) 897  891  0.7       
              
              
(1)In thousands. 
              
(2)In miles.            



FAQ

What did Saia (SAIA) report for Q4 2025 diluted EPS and how did it compare to Q4 2024?

Q4 2025 diluted EPS was $1.77, down versus $2.84 in Q4 2024. According to the company, this decline reflects higher self-insurance costs and lower operating income, partly offset by stable revenue of $790.0 million for the quarter.

Why did Saia's (SAIA) operating income decline in Q4 2025 and full-year 2025?

Operating income decreased due to elevated costs and insurance-related charges. According to the company, approximately $4.7 million of elevated self-insurance costs and other expense pressures materially reduced operating income in the quarter and year.

What is Saia's (SAIA) 2026 capital expenditure guidance and how does it compare to 2025?

Saia expects 2026 net capital expenditures of $350–$400 million, down from $544.1 million in 2025. According to the company, the 2026 plan is subject to market conditions and follows record investment over the prior three years.

How did Saia's (SAIA) balance sheet change at year-end 2025 for cash and debt?

At Dec 31, 2025 Saia held $19.7 million cash and $164.0 million total debt. According to the company, cash was stable year-over-year while total debt declined from $200.3 million at year-end 2024.

What operational trends did Saia (SAIA) report for LTL shipments, tonnage, and revenue per shipment in 2025?

LTL shipments per workday decreased 0.3% while tonnage per workday rose 2.5% for 2025. According to the company, LTL revenue per shipment excluding fuel rose 1.2% while revenue per hundredweight fell 1.5%.

When and how can investors access Saia's (SAIA) Q4 2025 earnings call replay?

The replay is available through March 10, 2026 by phone using conference ID #3759658. According to the company, the live webcast was on the investor relations website and a phone replay can be accessed by the provided dial-in number.
Saia Inc

NASDAQ:SAIA

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10.91B
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5.89%
Trucking
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United States
JOHNS CREEK